gold bereakout coming soon

FX:XAUUSD   Gold Spot / U.S. Dollar
Hi all, the price moving nicely in the wedge and I expect a breakout today, preferably bearish!!!
-if is down than open target
-if is up than min 1278



well its broken upwards... then 1278 coming soon
I'm bearish... and getting more so... just seem to be lacking the conviction...
false breakout above the greenline and back in again. (this price feed appears to be delayed)
Standby jago25_98
indeed, sign for short!!! ;)
jago25_98 Standby
"indeed, sign for short"
Why? Price has pinned both ways?
Standby jago25_98
as you said; it was a fakeout, many ppl closed they long there and also many ppl opened short (swing trade).... as a probability I think more short then long but you never know 100%!!!
fxtrader66 Standby
This is from FXCM, it's their Sentiment Indicator. - XAUUSD - The ratio of long to short positions in the XAUUSD stands at 1.69 as 63% of traders are long. Yesterday the ratio was 1.73; 63% of open positions were long. Long positions are 2.0% higher than yesterday and 18.6% below levels seen last week. Short positions are 4.8% higher than yesterday and 26.4% above levels seen last week. Open interest is 3.0% higher than yesterday and 7.3% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the XAUUSD may continue lower. The trading crowd has grown less net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
short into July lows
Standby fxtrader66
cheers elpuerto to share it, nice analysis!
+1 Reply